FCA publishes metrics on application timescales

The FCA has published an update on its operating service metrics for dealing with various applications, including authorisation, change in control and approved persons applications. 

The update includes a number of points of interests for those contemplating an application and seeking to understand the FCA's likely approach and timings:

• Authorisation caseloads have fallen from a peak in December 2021 and are approaching more sustainable levels, with the FCA also continuing its programme of recruitment. 
• Incomplete and poor-quality applications remain a particular issue for Money Laundering Registrations and Payments Services Regulations and Electronic Money Regulations applications.
• Additional time may be needed for greater scrutiny of complex cases and where greater engagement is required so the FCA can meet its objectives effectively. 
• The FCA has significantly reduced the time to allocate change in control notifications to a case officer and on average now allocates and begins work within 3 days of receipt. It expects to be allocating within 24 hours by the end of March 2023.
• Processing of approved persons applications within the three month timescale has significantly improved compared with 2021/22.